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Valued Contributor
Posts: 1,093
Registered: ‎02-15-2012
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Effect of mortgage being PIF and new refi not posted yet on scores

OK, we just finished a refi on the house. Because of the time delay during this process, the original mortgage has now hit my CR as PIF, but the new mortgage has not yet reported. For those of you who track all of your scores (FAKO and FICO), here is the effect on my scores:

 

EQ FICO04 (from score watch) no change 704 remained 704

Vantage score (from creditkarma) 918 fell to 816 

transrisk went from 732 to 730

 

As you can see, although both FICO and transrisk were basically not affected, vantage took a huge 102 point hit. 

 

The mortgage was for $265k.  Also, for those of you who think the numbers are basically the same for these FAKO's, mine never seem to be.


Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: 748 TU(12/12), 783 TU98 , 813 TU08 FICO, 744 EQ FICO , 735 EX(9/12), 794 EX08 FICO, 809 EX08 bankcard FICO
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (20.7K), BofA Travel Rewards ($17.5), B&N World MC ($17.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (15K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig ($8.6K), Disc It ($8K), Citi Dia Pref MC ($3.7K),Sam's D ($8.5K), Wally D ($7.5K), JCP($5.3K)
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: Effect of mortgage being PIF and new refi not posted yet on scores


crunching_numbers wrote:

 

Vantage score (from creditkarma) 918 fell to 816 


I'm glad lenders don't use Vantage scores (for the large part).

Valued Contributor
Posts: 1,093
Registered: ‎02-15-2012
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Re: Effect of mortgage being PIF and new refi not posted yet on scores


llecs wrote:

crunching_numbers wrote:

 

Vantage score (from creditkarma) 918 fell to 816 


I'm glad lenders don't use Vantage scores (for the large part).


What I was pointing out was more that my FICO score was not affected by having no active mortgage, because there was a mortgage in the historical mix still on the report, yet the Vantage score definitely scores people differently with or without an active mortgage. I thought it was an interesting tidbit about the difference in the algorithms. 

 

There are so many people that still believe that their FAKO's will help them determine their FICO's.  There are so many differences in the algorithms that any similarity between the scores is always coincidental.


Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: 748 TU(12/12), 783 TU98 , 813 TU08 FICO, 744 EQ FICO , 735 EX(9/12), 794 EX08 FICO, 809 EX08 bankcard FICO
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (20.7K), BofA Travel Rewards ($17.5), B&N World MC ($17.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (15K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig ($8.6K), Disc It ($8K), Citi Dia Pref MC ($3.7K),Sam's D ($8.5K), Wally D ($7.5K), JCP($5.3K)
Valued Contributor
Posts: 1,669
Registered: ‎05-24-2007
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Re: Effect of mortgage being PIF and new refi not posted yet on scores

Perfect example of FAKO nonsense.

 

CK really helps drive this point home since they give you both a TransRisk and a Vantage based on the same data. After you accumulate some history look at the differences in the charts. Then overlay that over a real FICO and you can see that all FAKO scores should be free because they are useless crap.

Valued Contributor
Posts: 1,374
Registered: ‎01-05-2010
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Re: Effect of mortgage being PIF and new refi not posted yet on scores

It goes something like this: I like the free scores; I learn something less than positive that should make me feel worse about them; instead, I like them even more. This is obviously irrational, but people often ignore contradictory news to keep existing beliefs; facts will not make any difference.

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